Skye Bioscience (SKYE) AI Stock Analysis

• Market Cap: $22.36M
• Dividend Yield: N/A
• Average Volume (3M): 875.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.62
• Revenue Growth: N/A
• EPS Growth: -53.18%
• Country: US
• Employees: 16
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.36
• Shares Outstanding: 33,378,765
• 10 Day Avg. Volume: 2,013,202
• 30 Day Avg. Volume: 875,428
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.48
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.69
• Enterprise Value/Market Cap: 0.71
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -88.73
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $9.16
• Price Target Upside: 1267.16% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -1.07
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $0.71 ▲(6.57% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is held down primarily by weak financial performance (no revenue, widening losses, accelerating cash burn, and a shrinking equity cushion) and bearish technical signals. Offsetting positives come from the earnings-call and recent events highlighting runway visibility and encouraging Phase 2a combination data, but these are not yet enough to outweigh the current financial and trend headwinds.

Positive Factors

Phase 2a combination efficacy & durability

Statistically significant incremental weight loss and superior durability versus semaglutide alone represent a durable clinical differentiation. If replicated in larger studies, this can become a structural competitive advantage in obesity therapeutics by improving long-term outcomes, adherence, and commercial positioning.

Halozyme collaboration for subcutaneous delivery

A development and supply agreement to enable subcutaneous delivery materially improves patient convenience and commercial scalability versus IV dosing. Exclusive rHuPH20 supply and milestone/royalty structure reduce manufacturing execution risk and support a viable outpatient delivery pathway if clinical efficacy holds.

Near-term cash runway (into 2027)

A multi-year cash runway gives management time to advance dose-escalation, combination and delivery studies without immediate refinancing. This provides breathing room to achieve key clinical inflection points and derisk the program over the next 12-24 months before large-scale commercial investments are required.

Negative Factors

Accelerating cash burn

Material negative operating and free cash flow driven by clinical and manufacturing spend shows cash is being consumed rapidly. Persistent high burn will necessitate external financing within the medium term, increasing dilution risk and limiting strategic flexibility if clinical timelines slip or costs rise further.

Pre-revenue with widening losses

Absence of product revenues means the business is entirely dependent on financing to fund R&D. The sharp increase in losses reduces optionality and raises the bar for future financings, requiring clear positive clinical data to justify continued capital support and avoid unfavorable dilution.

Shrinking equity cushion

A markedly smaller equity base reduces the balance-sheet buffer against trial setbacks or longer-than-expected development timelines. Even with low debt, diminished equity heightens the company's vulnerability to adverse outcomes and increases the likelihood and potential cost of future capital raises.

Skye Bioscience Business Overview & Revenue Model

Company Description

Skye Bioscience, Inc., a biopharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100, which is in Phase I trials for the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 that is in preclinical trials to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy. The company was formerly known as Emerald Bioscience, Inc. and changed its name to Skye Bioscience, Inc. in January 2021. Skye Bioscience, Inc. was founded in 2012 and is headquartered in San Diego, California.

How the Company Makes Money

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Skye Bioscience Financial Statement Overview

Summary

Development-stage profile with $0 revenue and worsening losses and cash burn (net loss and operating/FCF outflows increased materially in the latest year). Low debt reduces near-term balance-sheet pressure, but equity has fallen sharply, increasing reliance on external financing.

Income Statement

The company is still pre-revenue (revenue has been $0 across the period provided), so profitability is entirely driven by operating spend. Losses have widened meaningfully in the most recent year, with net income falling from about -$26.6M (2024) to about -$55.9M (2025), signaling accelerating burn rather than operating leverage. While this is not unusual for early-stage biotech, the lack of revenue and the recent step-up in losses are clear negatives.

Balance Sheet

Leverage is low in the most recent year (2025 debt of ~$0.27M versus equity of ~$20.0M), which reduces financial risk from interest and refinancing pressure. However, the equity base has declined sharply from ~$68.2M (2024) to ~$20.0M (2025), consistent with heavy losses and/or capital structure changes, and this reduces the balance sheet cushion going forward. Prior years also show equity volatility (including negative equity in 2022–2023), highlighting historical instability even if the current debt load is modest.

Cash Flow

Cash generation remains deeply negative, with operating cash flow declining from about -$25.2M (2024) to about -$43.1M (2025) and free cash flow similarly negative at roughly -$43.1M (2025). Free cash flow is broadly in line with net losses (free cash flow to net income ~1.0), indicating losses are translating into real cash burn rather than being mostly non-cash. The pace of outflows increased materially in the latest year, which elevates future funding risk unless spending moderates or new capital is raised.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-723.35K	0.00	0.00	0.00	0.00
EBITDA	-57.44M	-25.29M	-36.62M	-18.70M	-7.72M
Net Income	-55.92M	-26.57M	-37.64M	-19.48M	-8.52M
Balance Sheet
Total Assets	28.31M	72.76M	11.94M	9.11M	9.86M
Cash, Cash Equivalents and Short-Term Investments	25.74M	68.42M	1.26M	1.24M	8.98M
Total Debt	273.65K	455.59K	4.62M	1.98M	2.14M
Total Liabilities	8.29M	4.61M	14.07M	12.12M	3.99M
Stockholders Equity	20.02M	68.15M	-2.13M	-3.01M	5.86M
Cash Flow
Free Cash Flow	-43.07M	-26.84M	-13.96M	-12.77M	-6.57M
Operating Cash Flow	-43.06M	-25.24M	-13.95M	-12.74M	-6.47M
Investing Cash Flow	-19.50M	-245.62K	6.60M	5.21M	-90.87K
Financing Cash Flow	29.57K	83.56M	16.44M	-208.79K	13.08M

Skye Bioscience Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.67
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKYE, the sentiment is Negative. The current price of 0.67 is below the 20-day moving average (MA) of 0.74, below the 50-day MA of 0.85, and below the 200-day MA of 2.17, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 39.43 is Neutral, neither overbought nor oversold. The STOCH value of 32.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SKYE.

Skye Bioscience Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
INMB	51 Neutral	$34.03M	-2.13	-172.00%	―	19.05%	2.01%
LTRN	50 Neutral	$26.06M	-2.82	-125.98%	―	―	1.18%
SKYE	48 Neutral	$22.36M	-0.53	-143.59%	―	―	-53.18%
BTAI	47 Neutral	$42.13M	-0.29	71.83%	―	-66.96%	71.83%
ATNM	45 Neutral	$35.56M	-2.43	-151.67%	―	11.11%	20.65%
OTLK	41 Neutral	$32.87M	-1.03	<0.01%	―	―	86.28%

Skye Bioscience Corporate Events

Skye Bioscience Reports Promising Phase 2a Obesity Data

On February 2, 2026, Skye Bioscience reported interim 52‑week data from the combination arm of its Phase 2a CBeyond extension study in obesity, showing that patients receiving nimacimab plus semaglutide achieved a mean weight loss of 22.3% with no plateau observed, versus 19.7% with semaglutide plus placebo, and that the combination maintained a favorable safety and tolerability profile with no serious adverse events or adverse events of special interest. The company also highlighted that, during a 13‑week off‑therapy period, patients previously treated with the nimacimab–semaglutide combination regained only 17.8% of their lost weight compared with 37.3% for semaglutide alone, suggesting a durability advantage that could strengthen Skye’s competitive positioning in the crowded obesity market as it advances nimacimab toward larger Phase 2b studies and continues to manage its cash runway, which it expects to support operations and key clinical milestones into the fourth quarter of 2026.

The most recent analyst rating on (SKYE) stock is a Hold with a $0.94 price target. To see the full list of analyst forecasts on Skye Bioscience stock, see the SKYE Stock Forecast page.

Skye Bioscience Collaborates with Halozyme on Nimacimab Delivery

On December 18, 2025, Skye Bioscience, Inc. entered into a non-exclusive collaboration and license agreement with Halozyme, Inc. to use Halozyme’s ENHANZE drug delivery technology to develop a subcutaneous formulation of Skye’s antibody nimacimab, with Halozyme serving as the exclusive supplier of clinical and commercial rHuPH20 bulk drug product. The deal includes milestone payments tied to development, commercialization, and net sales thresholds, along with mid-single-digit royalties on global sales, reflecting a standard biotech licensing structure that could enhance Skye’s ability to deliver nimacimab more conveniently to patients and potentially strengthen its competitive position if the product advances successfully.

The most recent analyst rating on (SKYE) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Skye Bioscience stock, see the SKYE Stock Forecast page.